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Opalesque Exclusive: Harbinger Capital Partners Offshore Fund continues winning streak, 5.54% up in September, YTD 65.18%
According to an investor communication obtained by Opalesque, the profits for the month were generated by the long side of the portfolio, which consists primarily of lower dollar priced, distressed assets. The fund is managed by Philip Falcone, September is the 13th consecutive positive month for the distressed security hedge fund, outperforming both the S & P and the HFRI Distressed Securities Index. In July 2007, the fund returned 18.91% and
4.46% in August.
Much of our performance this month can be attributed assessment of two premises. We took the view that the FOMC meeting on September 18th and investment banking ‘confessions’ revealed a week later would go a long way towards restoring investor confidence and repairing tattered nerves. Second, our stock selection is heavily biased towards companies in emerging markets that savagely corrected in value during the credit crisis and were, in our view, poised to recoil rapidly once uncertainty subsided.
Related News: Fremont shares jump after Harbinger discloses 9% stake
From Dow Jones/Cnn.com: Fremont General shares jumped 15% on Thursday after Harbinger Capital Partners, a distressed debt and special situations hedge fund run by Philip Falcone, disclosed a big stake in the struggling lender.
Harbert Management Corp., the $16 billion investment company that owns Harbinger...................... To view our full article Click here
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